The Nigeria Customs Service (NCS) is collaborating with the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee to develop innovative strategies aimed at boosting revenue collection and streamlining trade facilitation, also
focusing on optimizing revenue generation processes and enhancing trade operations to promote Nigeria's economic growth.
During a meeting held on May 20, 2024, at the NCS Headquarters in Abuja, Comptroller-General Adeniyi highlighted the recent increase in export activities since January 2024. He announced the dedication of a new terminal exclusively for export operations, which is expected to further facilitate trade.
The Custom Boss emphasized the importance of regular consultations with exporters to understand their challenges and explore ways the NCS can assist. He proposed the establishment of a special lane for export-leading containers to expedite the export process.
"We are conducting a Time Release Study (TRS) to measure the duration and cost of business transactions," Adeniyi explained. "By identifying and addressing delays, we can enhance revenue generation and improve trade efficiency."
Mr Adeniyi also introduced initiatives such as the Authorized Economic Operators program, which grants expedited processing to compliant economic entities, and the Advanced Ruling system, designed to provide predictability in trade outcomes.
Despite these advancements, Adeniyi noted that fluctuating exchange rates have negatively impacted cargo throughput, revenue generation, and trade facilitation.
Kabir Mashi, Chairman of the FAAC Post-Mortem Sub-Committee, praised the NCS for its effective revenue contributions to the federation account and its prompt resolution of issues.
Mr Mashi reaffirmed FAAC's commitment to supporting the NCS in improving revenue collection and facilitating trade.
The partnership between the NCS and FAAC aims to foster economic development by addressing key challenges and implementing strategic solutions in revenue and trade processes.
